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United States 12 Month Natural Gas Fund Ratios (2010-2025) | UNL

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Ratios	Dec2010	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025
Profitability
FCF Margin (Quarter)				-172,200.08%	13,086.94%	-51,665.04%	73,459.54%	-2.73%	140.28%	-176.27%	92.82%	101.16%	1,437.06%	-151.57%	-77.03%	-153.98%	22.41%	-42.49%	-169.70%	-28.04%	16.42%	170.63%	-61.58%	-92.56%	50.71%	-381.90%	-57.58%	-580.55%	-12.83%	-155.24%	126.91%	-87.48%	0.83%	-108.95%	-167.57%	-125.47%	-355.03%	24.37%	-27.81%	112.37%	43.66%	79.56%	-59.98%	84.81%	18.78%	53.96%	-28.64%	-105.74%	-2,619.74%	-332.16%	-59.61%	-208.07%	8.84%	-267.24%	-82.56%	84.52%	-57.34%	-9.99%	-12.46%
Efficiency
Assets Average (Quarter)								43.83M	35.15M	26.53M	27.42M	24.16M	19.19M	17.02M	16.42M	16.79M	16.25M	14.52M	13.41M	12.54M	13.42M	14.62M	16.47M	15.29M	10.74M	9.56M	8.99M	7.95M	6.85M	5.73M	5.51M	5.27M	4.45M	4.08M	3.73M	3.26M	3.82M	5.62M	7.03M	7.85M	9.45M	14.88M	17.77M	22.30M	32.70M	37.92M	31.87M	19.88M	15.97M	17.10M	16.64M	16.78M	17.97M	19.54M	19.67M	18.73M	15.36M	11.42M	14.67M
Equity Average (Quarter)								43.23M	34.60M	26.43M	27.27M	24.05M	19.11M	16.92M	16.33M	16.72M	16.19M	14.46M	13.33M	12.46M	13.35M	14.54M	15.32M	14.08M	10.62M	9.52M	8.92M	7.65M	6.57M	5.68M	5.42M	5.18M	4.41M	4.04M	3.68M	3.21M	3.79M	5.48M	6.89M	7.82M	9.13M			19.80M	30.21M	37.83M	31.76M	19.78M	15.92M			16.70M	17.66M	19.21M	19.43M	17.55M	14.32M	11.33M	14.58M
Invested Capital (Quarter)	35.02M		21.21M				43.09M	43.38M	25.81M	27.05M	27.48M	20.61M	17.61M	16.24M	16.43M	17.00M	15.38M	13.54M	13.13M	11.80M	14.90M	14.19M	16.45M	11.71M	9.52M	9.51M	8.33M	6.97M	6.17M	5.20M	5.64M	4.72M	4.10M	3.98M	3.37M	3.05M	4.53M	6.43M	7.35M	8.28M	9.98M		16.31M	23.29M	37.14M	38.53M	24.99M	14.57M	17.27M		16.30M	17.10M	18.22M	20.19M	18.67M	16.42M	12.22M	10.45M	18.71M
Asset Utilization Ratio (Quarter)								0.12	0.23	0.32	0.40	0.32	0.26	0.35	0.50	0.44	0.49	0.59	0.43	0.46	0.58	0.45	0.43	0.49	0.51	0.50	0.34	0.16	0.13	0.15	0.12	0.14	0.27	0.32	0.27	0.37	0.18	0.24	0.25	0.20	0.39	0.50	0.60	0.93	0.79	0.78	1.05	1.55	1.48	0.93	0.79	0.47	0.50	0.44	0.23	0.35	0.50	0.74	0.63
Leverage & Solvency
Equity Ratio (Quarter)			0.99				1.00	0.98	1.00	1.00	0.99	1.00	0.99	0.99	0.99	1.00	1.00	0.99	0.99	0.99	1.00	0.99	0.88	0.98	1.00	0.99	0.99	0.93	0.99	0.99	0.98	0.99	0.99	0.99	0.98	0.99	0.99	0.96	1.00	1.00	0.94		1.00	0.83	1.00	1.00	1.00	1.00	1.00		0.99	1.00	0.97	0.99	0.98	0.89	0.99	0.99	0.99
Valuation
Enterprise Value (Quarter)	-30.31M	-28.82M	-19.72M	-25.76M	-33.78M	-41.39M	-39.67M	-35.71M	-24.15M	-25.19M	-25.51M	-18.72M	-16.57M	-14.55M	-15.11M	-15.76M	-13.66M	-12.93M	-11.22M	-10.89M	-11.79M	-12.93M	-15.06M	-10.40M	-8.65M	-8.39M	-7.22M	-6.59M	-5.62M	-4.93M	-5.17M	-3.64M	-3.53M	-3.44M	-2.99M	-2.49M	-4.04M	-6.00M	-6.50M	-7.42M	-8.78M	-13.82M	-14.36M	-21.19M	-37.70M	-32.49M	-22.04M	-12.21M	-14.87M	-14.27M	-14.48M	-15.06M	-17.35M	-18.60M	-17.86M	-15.01M	-11.86M	-11.30M	-20.82M